He descended into hell

This statement makes it clear that Christians believe in hell. This is a teaching that is key to Christianity, because there is punishment for sin and the judgment of God. It is not necessarily the lake of fire that is often used to describe hell. It is a place of punishment and of separation form God.

The Mormons do not believe in hell quite as the Christians do. First they have what is called spirit prison which is the equivalent of the catholic belief in purgatory; in that someone who is in spirit prison is one who was not baptized by a bishop of the Mormon Church. Now those who were baptized by a bishop of the Mormon Church are in paradise and they can come down and minister to those in spirit prison. So those in spirit prison can accept the Mormon faith and someone can be baptized for them in this life. Which the purpose is of baptized for the dead.
Second for the Mormons hell could be the outer darkness. This however is reserved for those who during the war in haven who joined forces with Lucifer to try and dethrone God. So this is much like the lake of fire talked about when God destroys the world in Revelation. This is only a punishment for those who before life turned against God those called the sons of perdition.

Third possibility for Hell would be the lowest level of heaven the Telestial kingdom.
This level or kingdom of heaven is for those who were not so good people, and evil people. It is probably the place for those who commit the seven deadly sins. But it is still called a level of heaven.

Marc A. Schindler says in chapter twelve of FAIR says:

We teach that all inhabitants of kingdoms of glory-let us remember that even the Telestial Kingdom is a mansion of Heaven-receive salvation by dint of the universal atonement of our Savior. The Telestial Kingdom is sometimes referred to by LDS as "hell" but only in the sense that neither Christ nor the Father will be there.

However it is important to know that Angels do minister to people in the Telestial kingdom. So even though God and Christ have no physical presents in the lowest level of heaven they are able to send ministering angles to the people.

The Christian view of hell is complete separation of God, a place that is ruled by Lucifer and his minions. There is no presents of God or Christ or the holy spirit.